Another article to foster even more anticipation for Buffett’s 50th anniversary letter to Berkshire Hathaway shareholders. We’d love to guarantee that we will read it with the normal independence and skepticism, but we’d probably be lying – it is too big a landmark for the world’s most interesting company.
There isn’t one foreign friend of ours – from inside or outside the investment community – that hasn’t asked us “the Petrobras question(s)”. We are sorry to say that we don’t have an answer and probably never will. Call us superstitious, but state-owned companies have a knack for causing the occasional investment disaster. We put them in the “too conflicted” box and move on. In the meantime, we point to Prof. Aswath Damodaran’s musings on Petrobras.